Waec Model Questions Vol1 2019 Economics Question 1

Practice essay / theory question 1 from the 2019 Waec Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Waec Model Questions Vol1 2019 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2019 • ECONOMICS • essay

A mixed economy seeks to allocate scarce resources among competing uses. The Federal Government of Nigeria has recently allocated ₦1.2 trillion to the health sector and ₦800 billion to the education sector for the current fiscal year.

Question Parts

( a )

Define the term **scarcity** and explain why it is regarded as the fundamental problem of economics.

( b )

Define **opportunity cost** and illustrate the concept using the government’s allocation between health and education.

( c )

Discuss how the concept of **choice** influences the allocation of resources in a mixed economy, referring to the above budgetary decision.

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About This Question

This is Waec Model Questions Vol1 2019 Economics Question 1. It is one of the essay questions from the 2019 Waec Model Questions Vol1 Economics examination.

The question covers Basic Economic Concepts .

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